Adsĭecentralized identity unlocks a lot of potential across the web, including in advertisements. That means if you’re verified on Twitter, you would be verified wherever. In time, assuming Web3 takes off, NFT identities could be interoperable between sites. The company could pull a Reddit and refer to tokens as something else, given how tarnished the term NFT has become due to bros on Twitter. This is already happening, to some extent, with Twitter’s existing NFT strategy. The vain among us could pay for some super-expressive, feature-granting token, while Twitter could continue giving out badges to public figures. Non-fungible tokens, being immutable, have the benefit of cutting down on fake users, adding a layer of authenticity to bolster security. Account verification helps mitigate the spread of misinformation and the chance that someone would fall for a scam run by a fake account impersonating people like Elon Musk.Īn alternative here is to open verification to anyone, but use non-fungible tokens (NFT) to create tiers of accounts. The idea has been roundly mocked by journalists, who’ve noted that verification isn’t a status symbol people should pay for but a tool for public safety. Bloomberg noted that, with 424,000 verified accounts, Twitter could see an additional $102 million in revenue (if all subscribe). Users, if they want to continue being verified, would pay upwards of $20 a month to keep their checkmarks. One of Musk’s earliest proposals was to turn its “blue check” verification system into a paid product. Here are the most likely: NFT verification Twitter – which is consistently unprofitable, wrecked by scammers and facilitates the spread of fake news – surely could trial crypto solutions. See more: Elon Musk Tweet Sparks Flurry of Twitter-Themed Dogecoin Tokens ![]() Even Zhao’s comments on “bringing social media and Web3 together” were geared towards “broaden the use and adoption of crypto.” Musk is apparently taking former Twitter CEO Jack Dorsey’s advice to heart and mulling the idea of open-sourcing Twitter’s code.īut what exactly would a crypto-fied Twitter look like? Right now, the biggest effect Musk’s takeover has had on crypto has been to send dogecoin skywards. Testing crypto at such a commercial scale would reveal much about the benefits and limitations of blockchain tech. He told the tech blog Protocol the buyout is a "once-in-a-lifetime opportunity." Musk's buyout is "a chance to take a prestigious Web2 platform and use it as a sandbox to start taking apart some of the challenges that we've seen become synthetical in the Web2 space," Binance Chief Strategy Officer Patrick Hillmann said on CoinDesk TV. That’s alongside Andreessen Horowitz general partner Sriram Krishnan, a known crypto enthusiast, and member of the PayPal mafia David Sacks, who isn’t allergic to bitcoin either. īinance helped finance the buyout and the crypto exchange’s CEO, Changpeng Zhao, is stepping up as an adviser. ![]() You can subscribe to get the full newsletter here. This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. Musk, who is also CEO of Tesla and of SpaceX, has brought on a number of advisers with familiar faces in the crypto industry as he looks to revamp the social media platform and turn it profitable.Īlthough the world’s richest man didn’t mention crypto among the reasons for doling out $44 billion to take Twitter off the public markets, there are real indications that Twitter is edging towards Web3. Elon Musk is now “Chief Twit” after taking Twitter private last week, and the transition period seems as wracked with uncertainty as the months-long buyout negotiations.
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